Fundstrat Global Advisors’ head of research, Tom Lee, has spoken openly on the future of the crypto market. He anticipates a bullish period in the recent future.
The former JP Morgan managing partner appeared on mainstream mediums to air his optimism on the asset class. Although, in recent times Bitcoin has experienced a downtrend, maybe due to the year’s market pitfalls. But, Lee came out strongly stating that cryptocurrencies will boom in the long run.
Lee on Recent Occurrences
Over the past two weeks, investors in the cryptocurrency market have expressed concerns due to Bitcoin’s free fall. This fall saw assets move from $6,200 to an annual low of $3,400.
Tone Vays also joined the belief of short-term bearish and long-term bullish turn of events. From the perspective of speculators and new traders, Bitcoin’s 40% demise was a negative occurrence demeaning sight. Although, some would believe it came from the ether. Importantly, Lee, a Fundstrat’s in-house cryptoanalyst, seeks to take cryptocurrency to 2018’s main stage on Tuesday.
Lee, renowned Bitcoin’s bull drew attention to three temporary disruptions in the crypto sphere. He mentioned the U.S. Securities and Exchange Commissions on ICOs and digital securities markets. Also, the latest crackdown on ICOs and digital securities markets. And the meltdown of the macro traditional equities market.
This has brought the fall of the S&P 500 by about 9% in two months alone. The Fundstrat’s research head also analyzed the situation of most of his clients. He said most of them feeling the heat of the stock market were susceptible to the idea that the cryptocurrency markets is beyond repair.
Crypto is Bent not Broken
In the words of Lee, “Bitcoin is bent, not broken”. He also added the industry has the capacity to survive, due to Bitcoin’s $1.3 trillion in on-chain transaction value. It is reportedly over 2 times that of Paypal and just a few away from Visa.
The Fundstrat representative added that there is still a huge level of profit in the crypto sphere, estimating that BitMEX is set to make $1.2 billion in 2018. The profit would make BitMEX, an infant crypto mercantile platform, more profitable than Hong Kong Exchanges & Clearing and Nasdaq. Irrespective of the fact that Bitcoin is just a decade-old creation.